According to two sources that has first-hand knowledge of the situation related to clothing company Vince, the company is nearing the completion of its preparations for an initial public offering.
The sources said on Monday that Vince has chosen Robert W. Baird & Co and Goldman Sachs Group Inc to head the initial private offering. Kellwood Co, a St. Louis based fashion company, owns Vince and is managed by a private equity firm, Sun Capital. JP Morgan Chase & Co, Bank of America Corp. and UBS AG will also be participating in the float which is estimated to secure around US$200 million, the sources added.
Vince sells cashmere sweaters for as much as US$300 and leather jackets for US$100 at high-end department stores like Saks Fifth Ave, Macy's, Barney's, the Bloomingdale chain and at its own boutique. Kellwood acquired the Los Angeles-based Vince back in 2006 together with its assets for US$75 million.
The IPO comes in the middle of a strong market performance of retail companies which includes Michael Kors Holding Ltd. Vince's IPO may possibly happen on September of this year.
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